Sell Crude Oil Sep @ 5640 SL 5720 TGT 5560-5500. MCX - Kedia Advisory
Crude Oil
SELL CRUDEOIL SEP @ 5640 SL 5720 TGT 5560-5500. MCX
Observations
Crudeoil trading range for the day is 5507-5679.
Crude oil dropped amid concerns that OPEC+ may increase supply.
US crude inventories rose by 0.6 million barrels last week, defying expectations of a 3.4 million-barrel draw – API
U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd - EIA
Oil flows to Germany via damaged Druzhba pipeline to normalise, Rosneft Germany says
Natural gas
BUY NATURALGAS SEP @ 270 SL 266 TGT 275-280. MCX
Observations
Naturalgas trading range for the day is 262.5-281.3.
Natural gas edged up amid another drop in daily output.
Energy firms in the US added 55 billion cubic feet (bcf) of gas into storage to 3,272 bcf during the week
Average gas output in the Lower 48 states has fallen to 107.2 billion cubic feet per day so far in September.
Average gas demand in the Lower 48 states, would decline from 104.6 bcfd this week to 102.3 bcfd next week.
